Frequently Asked Questions
If you attempt to buy a property before listing your home, you run into a couple of challenges. First, sellers may not take you seriously as a potential buyer. Second, your property might not sell as quickly as you thought it would. If, on the other hand, you list your property before buying a new home, sellers will know you’re serious. Also, if your home sells quickly, you’ll have the peace-of-mind of knowing exactly how much of a new home you can afford. Of course, like the first option, there is a chance that the closing dates won’t match and you’ll end up owning two properties for a period of time. However, solutions such as bridge financing are available to help. So, there is no perfect answer. A lot depends on the state of the local market.
If your home purchase closes before the sale of your current home, you'll need to finance the cost of the home purchase for a short period of time.